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Posts on ‘September 24th, 2006’

XFN-ASIA: Shell mulling legal options if unable to resolve Sakhalin issue – report

HONG KONG (XFN-ASIA) – Royal Dutch Shell PLC managers are mulling legal options if the company is unable to resolve the Sakhalin-2 project issue with Russian authorities by other means, the Wall Street Journal reported in its online edition, citing people familiar with the matter. Last week, Russia’s ministry of natural resources pulled a key […]

The Guardian: Environmentalists back Putin over Shell’s energy permit

· Downing Street and US express concerns · Report lists mounting problems of gas project Terry Macalister Monday September 25, 2006 Britain has raised concerns with Vladimir Putin, Russia’s president, over last week’s withdrawal of Shell’s permit to develop the $20bn (£10bn) Sakhalin-2 energy project, suggesting the move could spark a diplomatic row. Approval by […]

The New York Times: Putin tries to quell concern over business maneuvers

By Ariane Bernard Published: September 24, 2006   PARIS France, Germany and Russia met during the weekend, discussing a number of contentious business topics as Russia tried to quiet European unease over its investment in the European aerospace consortium EADS and play down recent problems with Western oil companies operating in Russia.   President Vladimir […]

The Moscow Times: Rosneft to Win License

Monday, September 25, 2006. Issue 3504. Page 6. Rosneft will win a license to explore for oil and gas at an offshore area bordering ExxonMobil’s Sakhalin-1 project in the Pacific Ocean. Rosneft was the only company to apply by the Sept. 14 deadline to take part in a planned auction of the license for the […]

Irish Times: Shell open to new talks on pipeline

By: Tim O’Brien, Published: Sep 23, 2006 Shell E&P Ireland, which is developing the Corrib Gas project, has in the last few days invited the principal opponents of the project to new talks. Shell E&P managing director Andy Pyle said yesterday that the company had written to Dr Mark Garavan, of the Shell to Sea […]

Financial Times: Threat to Sakhalin-2 shakes confidence, warns Beckett

By Arkady Ostrovsky in Moscow, David Wighton in New York and Ed,Crooks in London Published: September 23 2006 03:00 | Last updated: September 23 2006 03:00 Margaret Beckett, the UK foreign secretary, has warned that Russia’s threat to the future of the Sakhalin-2 project run by Royal Dutch Shell was the sort of move that […]

Itar-Tass: Russia’s partners in Sakhalin-2 should fulfill obligations – FM

24.09.2006   UNITED NATIONS, September 24 (Itar-Tass) – Russia wants its partners in the Sakhalin-2 oil field development project to fulfill their obligations to this project and not violate them, Russian Foreign Minister Sergei Lavrov said on Saturday. He pointed out that “many environmental obligations were violated.” “The initial cost of the project was doubled. […]

AFP: Sakhalin dispute risks Russia’s Asian ambitions

Published: Sunday, 24 September, 2006   MOSCOW: Russian government pressure on a Shell-led consortium developing vast oil and gas fields in the Pacific Ocean could set back Moscow’s hopes of becoming a key energy exporter to Asia, observers have said. The possibility that the dispute could delay planned deliveries from the fields to Asia beyond […]

Financial Mail on Sunday: Sad fall for Browne at the last fence

Lisa Buckingham, 24 September 2006 Why Lord Browne fought –unsuccessfully – to stay at the helm of BP long after the company’s compulsory retirement date of 60 is anyone’s guess. It was an ignominious tussle with his chairman, Peter Sutherland, and one that resulted in him getting only a few months extra in the top […]

Bloomberg: Russia `Long Way From’ Pulling Out of Sakhalin-2, Lavrov Says

By Hannah Gardner Sept. 24 (Bloomberg) — Russia is not considering pulling out of the Sakhalin-2 project with Royal Dutch Shell Plc, Russian Foreign Minister Sergei Lavrov said in comments released today. “We are a long way from backing out of agreements we have reached, no matter how difficult the conditions were when they were […]

The Houston Chronicle: Oil crunch

U.S. Energy Department study concludes crude production will peak, requiring other energy forms Last September, a Chronicle editorial warned that global oil production would peak in this decade or the next, and then inexorably decline. Given that likelihood, the United States would have to embark on a crash program to develop alternative energy sources or […]

The Washington Post: Hurricane Chávez: What’s worse for energy security: a natural disaster or a petro-bully?

Sunday, September 24, 2006; B06 HUGO CHAVEZ got the attention that he craves by comparing President Bush to Satan last week. But the Venezuelan leader’s absurd talk may be less threatening than his equally absurd incompetence. Since Mr. Chávez took power seven years ago, Venezuela has mismanaged its oil so disastrously that production may have […]

Sunday Express: To the ends of the earth: did Shell underestimate Russia?

Sunday 25 September 2006 Oil, finance and a far flung deal. Did Shell underestimate Russia? asks Tracey Boles SHELL staked a great deal on the Russian island of Sakhalin, off the frozen coast of Siberia. This former Soviet arms dump and penal colony that lies north of Japan endures Arctic weather for much of the […]

Sunday Express: London Stock Exchange ‘should have warned investors’ on Russia, says Yukos lawyer

Sunday 24 September 2006 THE lawyer of jailed Russian oligarch and former Yukos chief Mikhail Khodorkovsky criticised the London Stock Exchange for failing to warn investors of risks in trading with Russia, writes Jo MacFarlane. Robert Amsterdam, a founding partner of Toronto-based law firm   Amsterdam & Perroff, told the Financial Sunday Express the UK […]

Sunday Express: Shell faces loan freeze over Sakhalin fiaso

By Tracey Boles Sunday 24 September 2006 Banks delay multi-billion dollar loan to oil giant SHELL bosses have been dealt an unprecedented blow by international lenders who are threatening to freeze up to $5 billion in funding for its flagship Russian project. The threat is due to a legal wrangle following Russia’s decision last week […]

San Francisco Chronicle: Chavez drives a hard bargain, but Big Oil’s options are limited

By Robert Collier, Chronicle Staff Writer Sunday, September 24, 2006  (09-24) 04:00 PDT El Tigre, Venezuela — On the hot, shrub-covered plains around this dusty, dingy town, an odd courtship is being carried out between the world’s most prominent revolutionary and the world’s biggest oil companies. Just as there is no love between President Hugo […]

Time Magazine: Frozen Assets: Russia revokes an oil-drilling licence for Sakhalin Island

(URSULA HYZY / AFP-GETTY IMAGES DEEP FREEZE: Foreign oil firms fear they may lose their investments in the Russian Far) Drilling for oil and gas around the harsh, remote island of Sakhalin in Russia’s Far East was never going to be easy, but a political chill has put some of the world’s biggest energy projects […]

Reuters: Gazprom seeks 20 pct of Exxon’s Sakhalin-1 -paper

MOSCOW, Sept 24 (Reuters) – Russian gas monopoly Gazprom (GAZP.MM: Quote, Profile, Research) is in talks to buy a 20 percent stake in a Sakhalin Island project led by Exxon Mobil (XOM.N: Quote, Profile, Research), Britain’s Observer newspaper reported on Sunday. The paper, which gave no source for the information, said Gazprom had confirmed it […]

Asharq Alawsat News: Shell Outlines Environment-Friendly Strategy

24/09/2006 Dubai, Asharq Al-Awsat- Shell announced initiatives it has adopted for mitigating climate change and promoting learning and education in the region, at the third Middle East Corporate Social Responsibility Summit. Dr. Gavin Graham, VP New Business, Middle East, Caspian & South Asia, Shell EP International Ltd said, “Shell has incorporated two key activities in […]

The Australian: LNG push fuels Darwin’s hopes

By Rick Wilkinson September 23, 2006 12:00am THERE’S a growing sense of excitement in Darwin as the petroleum industry moves into a new wave of exploration and appraisal of gas prospects in the Timor Sea. Australia’s most northern city may soon rival the north-west of Western Australia as an important hub in the supply of […]

Scotland on Sunday: The true cost of Sakhalin II

Comment posted by John Donovan on (ARTICLE: “Putin pours scorn on defence and fuel fears”) I operate a website – – focused on the activities of Royal Dutch Shell Plc. With over 10,000 news articles, it is one of two websites recommended by Fortune Magazine for information about Shell. The other is Shell’s […]

The Scotsman: Putin pours scorn on defence and fuel fears

JAMES MACKENZIE AND CHRISTIAN LOWE IN COMPIEGNE   RUSSIAN president Vladimir Putin moved yesterday to allay western fears over Russia’s intentions towards European aerospace group EADS and offered the prospect of more gas for Europe, saying Russia was a reliable energy partner. Putin’s remarks at a joint news conference with his French counterpart Jacques Chirac […]

New York Times: Gazprom Considering Shtokman Exports to Europe

EXTRACT: Industry sources said the move came after Vice President Dick Cheney accused Russia of using energy as a tool of intimidation and blackmail.   By REUTERS COMPIEGNE, France (Reuters) – Russia assured France and Germany on Saturday it was a reliable energy supplier to European consumers and said Gazprom was considering exporting gas from […]

The Observer: Moscow makes its power play

Last week, Russia threatened to scrap licences granted to Western companies in a bid to regain control of its energy resources. Can the West fight back? Oliver Morgan and Nick Mathiason report Sunday September 24, 2006 It may have been flexing for some time, but the strong arm of Russia’s nationalist oil policy has now […]

The Observer: Blair wades in to Russia oil crisis

Gazprom moves to seize further control of energy resources as crisis threatens diplomatic relations Oliver Morgan and Nick Mathiason Sunday September 24, 2006 Tony Blair has made clear to Russian President Vladimir Putin his deep concern over threats to strip Shell of its licence to operate the $20bn Sakhalin-2 oil and gas project off the […]

The Independent on Sunday: Oil’s big beasts dive for cover

Business Analysis By Abigail Townsend Published: 24 September 2006 Not so long ago, it was the best of times to be an oil company. There may have been the dark cloud of environmental issues, but that alone could not dent the cheerful corporate mood. Demand was high, prices were soaring and profits gushed. Yet last […]